Changes to student loan programs could bring millions closer to getting out of debt, Education Department says

The Education Department announced fixes on Tuesday to multiple student loan programs 

Giving thousands of borrowers immediate relief from student loan debt and bringing millions more years closer to having their 

Student loans forgiven. It comes as the Biden administration continues to examine canceling student loan debt for millions of Americans.

The changes are being made to the Public Service Loan Forgiveness programs and the Income-Driven Repayment plans.

According to the Education Department, the fixes will give 40,000 borrowers immediate forgiveness and bring at least

3.6 million borrowers closer to relief by at least three years through income-driven repayments.

Student loans were never meant to be a life sentence, but it's certainly felt that way for borrowers locked out of debt relief

They're eligible for," said Education Secretary Miguel Cardona in a statement. He said the move begins to

Remedy years of administrative failures" and the actions demonstrate the administration's commitment to delivering

Meaningful debt relief and ensuring federal student loan programs are administered fairly and effectively.

A Federal Student Aid office review found some servicers had been placing borrowers facing financial difficulties into 

Forbearance in violation of regulations requiring borrowers get clear, accurate information about their 

Options to stay out of delinquency. The efforts announced Tuesday come as the Biden administration has already canceled 

More than $17 billion in debt for some 725,000 borrowers since President Biden took office.

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